Earthquake Risk Transfer for Greece

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Earthquake Risk Transfer for Greece Overview Figure 59. Hash circles represent current Earling undercover regions. Greece is located at the complex boundary zone in the eastern Mediterranean between the African Plate and the Eurasian Plate. The northern part of Greece lies on the Eurasian Plate while the southern part lies on the Aegean Sea Plate. The Aegean Sea Plate is moving southwestward with respect to the Eurasian Plate at about 30 mm/yr while the African Plate is subducting northwards beneath the Aegean Sea Plate at a rate of about 40 mm/yr. The northern plate boundary is a relatively 64 Earling Natural Risk Transfer Platform More; https://acircularworld.com diffuse divergent boundary while the southern convergent boundary forms the Hellenic arc. These two plate boundaries give rise to two contrasting tectonic styles, extension on east-west trending fault zones with strike-slip tectonics on SW-NE trending fault zones throughout west and central Greece, Peloponnese and the northern Aegean and contractional in the southern Aegean, continuing around to the Ionian islands. The south Aegean is the location of the volcanic arc and is characterized by extension. To the east of Crete along the Hellenic Arc, strike-slip tectonics with some extension become important. Earling can issue accurate earthquake preparedness alert especially for North of Greece. EPA Effect on Greece Insurance Loss Longterm Loss Millions $3,500 $1,300 $130 $600 Total Loss Insured Loss EPA Effect Figure 60. EPA effect on Sep 7, 1999, Greece earthquake (Higgins, 2016). 65 Earling Natural Risk Transfer Platform More; https://acircularworld.com EPA Effect on Greece Insurance Penetration Rate 38% 36% 33% 30% 28% 25% 23% 21% 17% 18% 15% 13% 2020 2021 2022 2023 2024 Figure 61. EPA effect on Greece earthquake insurance penetration rate. Earthquake insurance penetration rate was about 15% in 2103 (OECD, 2018). EPA Effect on Probable Maximum Loss EPA Effect on PML Millions 42,768 26,572 13,157 $4,000 20 years 50 years 250 years Figure 62. Probable Maximum Loss - Mean return period in. Greece earthquake Average Annual Loss is $5,109.11 million years (Greece Disaster & Risk Profile, 2014). 66 Earling Natural Risk Transfer Platform More; https://acircularworld.com Greece recent largest earthquakes Place Date Ionian Sea, offshore Zakynthos 26-Oct-2018 Kos 21-Jul-2017 Lesbos 12-Jun-2017 Lefkada 17-Nov-2015 Limnos 24-May-2014 Dodecanese 15-Jul-2008 Peloponnese 8-Jun-2008 67 Earling Natural Risk Transfer Platform More; https://acircularworld.com .

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